“The main driver of the markets is when you’re getting the
macro data out of the U.S., it’s positive and it really
strengthens the case for tapering,” said Anish Chopra, fund
manager at TD Asset Management Inc. in Toronto. He helps manage
C$218.3 billion ($205 billion) with the firm. “People are
concerned with the amount and the timing of tapering, and when
you see data like this coming out the last few days it certainly
argues for tapering earlier.”

Economic Growth

U.S. third-quarter growth was revised to a 3.6 percent pace
from 2.8 percent and the strongest since the first quarter of
2012. Another report showed jobless claims unexpectedly
decreased last week. Investors are weighing economic data to
determine when the Fed will begin scaling back its $85 billion a
month bond-purchasing program.

Canadian building permits jumped 7.4 percent in October as
residential projects approached a record. Economists had
forecast a 1 percent gain according to the median of nine
responses to a Bloomberg survey.

Financial stocks lost 0.8 percent as a group as all 10
industries in the S&P/TSX declined. Trading volume was 24
percent higher than the 30-day average.

Royal Bank fell 1.2 percent to C$68.17. Nixon, 56, will
step down as CEO (RY) on Aug. 1 after 13 years leading the Toronto-based bank, the firm said today in a statement. He will be
replaced by David McKay, 50, head of personal and commercial
banking.

The bank separately reported fourth-quarter adjusted profit
of C$1.42 a share, beating the C$1.39 average estimate from
analysts in a Bloomberg survey.

Bank Earnings

Toronto-Dominion retreated 1.4 percent to C$94.40, the most
since July 30. The lender reported adjusted earnings of C$1.90 a
share, missing the C$1.99 average estimate of 11 analysts
surveyed by Bloomberg.

Goldcorp lost 3.5 percent to C$22.14 and Iamgold retreated
3.9 percent to C$4.17. Gold declined for the third time in four
days. Raw-materials stocks tumbled 2.1 percent as a group, the
most in the S&P/TSX.

Thompson Creek Metals Co. decreased 7.3 percent to C$2.30.
The stock closed at its lowest level since August 2012 after
five straight declines erased 23 percent.

Daniel Earle, an analyst with TD Securities, said yesterday
the mining company will not be able to generate enough cash to
repay $1 billion in debt maturities in 2017 and 2019 assuming
the price of gold is $1,300 an ounce and $3 a pound for copper.

Precision Drilling, a drilling and energy services company,
sank 9.1 percent to C$9.33, the most since 2011. The Alberta
Investment Management Corp. sold its entire stake in the
company, chief executive officer Leo De Bever said in a phone
interview with Bloomberg News.

Canexus Corp. (CUS), a chemical products manufacturer, jumped 8.7
percent to C$6.63 for the biggest gain since 2009 after agreeing
to a long-term, take-or-pay deal with an unidentified logistics
and marketing company that Canexus describes as a leader in
transporting crude oil by rail.